Nykaa Wins Back Investor Confidence Driving Its Shares To Surge Over 10%
NDTV
New-age stock Nykaa surged over 10 per cent in early trade on Friday.
New-age stock Nykaa surged over 10 per cent in the morning deals today, beating market expectations that the stock will come under intense selling pressure.
F S N Commerce Ventures (Nykaa) made its market debut on November 10 last year after a successful initial public offer (IPO).
Regulations had barred pre-IPO investors from trading in shares for one year. But the lock-in expiry will not impact these startups' business fundamentals.
The lifting of curbs on Thursday sparked speculation that the stock will come under pressure, with pre-IPO investors looking for an exit. In Nykaa, 67.20 per cent of outstanding shares will become eligible for trading on November 10, according to J M Financial.